Lido Staked Ether has recently made headlines by surpassing XRP to become the sixth-largest cryptocurrency, boasting a market cap exceeding $31 billion.

Ethereum’s Bullish Market

Lido Staked Ether’s impressive performance can be attributed to Ethereum’s remarkable gains this month, with the second-largest cryptocurrency hitting $3,200 and showing a 40% surge for the token in February alone.

Staking on Lido

According to Dune analytics data, Ether deposits on Lido are approaching 10 million ETH, with no net outflows since Dec. 19th. Currently, Lido Staked Ether represents 35% of all ETH deposits on EigenLayer, a leading platform offering access to Ethereum staked capital.

Lido Staked Ether is a tokenized version of staked Ethereum in the Ethereum 2.0 Beacon Chain, powered by the Lido decentralized finance (defi) protocol. This innovative solution allows users to stake Ethereum without locking assets or managing staking infrastructure, overcoming key limitations of the Ethereum 2.0 staking process.

XRP traders are displaying cautious sentiment as the legal battle with the SEC continues. A ruling in favor of the SEC could lead to significant penalties for XRP, potentially impacting its performance in the coming years.

XRP’s Performance

While Bitcoin, Ethereum, and Solana are experiencing notable gains, XRP has seen a modest 0.5% increase, underperforming in the current market rally. Despite this, recent data shows that whales have invested $40 million in XRP over the past 10 days, hinting at a potential uptrend for the altcoin.

This influx of investment could signal a buying opportunity for XRP, potentially driving the coin to break its resistance level at $0.58 in the upcoming month.

For more insights on the latest developments in the cryptocurrency market, stay tuned to Global Crypto News.

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